Fully embrace technology or fall behindÖ

British small businesses are failing to fully embrace the technological revolution and risk losing out in the global marketplace, leading business finance firm, Bibby Financial Services warns today.

According to the firmís latest research, 54 per cent of small business owners and managers are planning to spend less than 1K on information technology in the next 12 months, despite the fact that 70 per cent of these businesses see investment in technology as a positive step and a tool that can be harnessed to perhaps improve their working environment. This may be due to the fact that many owners and managers are worried about losing the personal touch with their customers and suppliers as well as keeping up to date with the latest technological developments.

Businesses within the manufacturing industry are not planning to invest significantly in new technology in the next 12 months, with 47 per cent of owners and managers of manufacturing firms stating that they intend to spend less than 1K and a further 20 per cent intending to spend no money on technology at all this year.

Over a quarter (28 per cent) of owners and managers state that they would much prefer to spend their money on improving their plant and machinery or capital equipment at the present time rather than invest in expensive new IT systems. A further 22 per cent would prefer to spend the money on a sales and marketing drive whilst 17 per cent would prefer to give themselves and their staff a much-needed pay rise.